Why eCommerce Stores Should Accept eNaira

Alt: = "eNaira wallet App"

If you own an ecommerce retail store selling online, adopting eNaira as a payment method can enhance your customers journey and expand your consumer base by offering several payment options at the checkout.

Let’s look at the benefits of integrating eNaira payment option into your ecommerce business.

What is eNaira?

eNaira or digital naira is a form of digital currency that allows exchange between people online. eNaira, which was created to facilitate digital transactions, does not need to be backed with physical cash. The e-Naira is created independently of bank accounts; the wallet is been created by financial institutions that create customer identification through an application product interface. It is a legal tender for the entire country, it will have a non-interest bearing Central Bank Digital Currency status, a transaction limit for customers and a value-based transaction limit. The eNaira has some advantages and disadvantages

CBN instructed all businesses to accept whenever it is tendered for payments. “Today, anywhere you present naira to pay, compulsorily it must be accepted because that is our fiat currency."

How to Use eNaira in eCommerce 

Both eCommerce and eNaira use digital platform, and therefore can complement each other perfectly well, and both appeal to the digitally-savvy users. As an ecommerce retailer operating in the Nigerian market, who could not be able to accept Cryptocurrency as means of payment, eNaira is a viable option for you.

Integrating the use of eNaira in ecommerce will be additional appealing option for those looking for a fast and more convenient way to pay for goods and services. This shows the high demand for digitally based payments among an online consumer base.

Benefits of eNaira in eCommerce

Broader Market

Integrating eNaira payment option in your eCommerce store will widen your customer base, give you access to new market of technology savvy consumers and Nigerians in diaspora who use eNaira wallets.

Low Transaction Charges

eNaira offers you low transaction charges unlike other payment options provided by banks and fintechs 

Fast Transactions

Another benefit of eNaira payment option in eCommerce is fast transaction as eNaira is processed immediately, giving you fast access to your funds. Debit cards and other payment service provider platforms take several hours to days to process and settle payment transactions.

Security

As a digit currency issued by the government and payments processed by government institution, the integrity of the institution is not in question and security of users data are guaranteed. Since there is no third-party, no one can withdraw your funds without your consent.

How to Accept Payment in eNaira in Your eCommerce Store

There are to ways to accept eNaira in your eCommerce store: Speed Wallet or Merchant Wallet

eNaira Speed Wallet

The eNaira speed Wallet account for Pee2Pee, B2C transactions

eNaira Merchant Wallet

The eNaira Marchant Wallet account is for B2B, B2C transactions


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